The economic law of supply and demand continues to catch up with the C8 Corvette.
But it’s taken a few years.
Chevy is offering its first-ever financing incentives right now on the eighth-generation Stingray, but you’ll need to read the fine print to see just how good of a deal you’re actually getting.
As of July 2, 2024, and running through the last day of the month, 2024 LT Corvettes are eligible for 7.49% financing for 72 months or 7.99% for 84 months.
That six-year discounted loan still adds a whopping $17,000 in interest to the final expenditure on a typical $70,000 Corvette (but most seem to actually be in the $80k to $90k range after adding options).
Another catch? Chevy is giving its dealers two options on how to handle the financing incentive: add a 1.5% markup and also receive another flat fee of 1.5% from GM Financial, or choose a larger 2% markup with no flat fee added. Either way would seem to erase any incentive compared to the average rate of approximately 10%.
In other words, the best way to buy a new Corvette still may be to listen to the old-timers out there who have long insisted that you should always pay cash for a “play toy” like this and never finance it. However, with prices so high, that means some people would never be able to drive a Corvette, and when you’ve got to have a Corvette, you’ve just got to have a Corvette. At least that’s been my experience.
Source:
carsdirect.com
Related:
June 2024 Corvette Production Update
Constraints for the Final 2024 Corvette Order Cycle
2025 Model Year Production to Start on September 9th
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We’re living in the age of right-now convenience.
Success usually comes down to choosing the pain of discipline over the ease of distraction. And that’s exactly what “delayed gratification” is all about.
Moreover, the feeling of “buyer’s remorse” is the sense of regret after having made a purchase. Especially considering the length of the contract and commitment.
Moreover, you may be trapped into an emotional vehicle purchase that may be obsolete or wrecked (depreciated) before your contract is up.
Please note: Old age has nothing to do with common sense decision making when it comes to dollars and sense analysis?
Many thanks,
Ray
I guess since they can’t get MSRP pricing anymore, it’s time to focus on excessive interest rates.
This is making my purchase in September of 2022 of my 2023 70th Anniversary Red Mist Metallic Convertible Corvette look even better. My interest rate is 3.2% over 84 months through my new credit union. I do not have any buyer remorse.
I drove it today and a little boy pointed at me as I drove through the parking lot. I have had people photograph me as I was cruising on the Freeway and as I pulled into my driveway. It is such a rush to drive each time. You have instant celebrity status every where you go, and people always walk up to talk about the Corvette. The cool factor is off the chart!
I almost died in 2021 of COVID, which made me realize that life really is short, so I put my name on a list and 16 months later I bought a C8 Corvette.
Depreciation eventually catches up to you. Best friend just bought from our Chevy dealer a loaded 3LZ C7 Z06 convertible with Z07 package for $67000. Car has 26000 miles and the original MSRP was $107,000
10% is too much to pay for financing for anything.
If GM wants to tempt me into buying their product, then they need to offer me something I cannot refuse. Interest rates edging on double-digits and with a lifetime cost of a nice used car do not entice me. Nor does offering the same stodgy monochrome colors with lackluster and belated interiors.
Nor does lacking industry standard features/amenities that are at least an option on most other vehicles (including other GM vehicles). Nor does hype-beasting their product and OPUD on it so that you end up spending a minimum of 2 years waiting for it. Nor does killing off the most inspiring colors after a single model year and with less than 600 total units produced across the entire MY.
Even if I were interested in the SR, there’s very little reason to buy a new one–when you can get a 2020-2022 for peanuts (by comparison) and miss out on very, very little.
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